2020 Operating Surplus
The 2020 financial statements were approved last month, showing the Town of Canmore is in a healthy financial position. Due to the later than usual approval of the 2021 budget, the 2020 projected surplus was factored in, and reserve contributions were decreased to reduce the overall tax requirement. Today, the Finance Committee allocated the operating surplus of $1.3M through transfers to reserves as follows:
- $197,000 to the Tax Stabilization Reserve
- $500,000 to the General Capital Reserve
- $624,770 to the Asset Replacement/Rehabilitation Reserve
Although we lost $2.6M in recreation revenue due to COVID-19 facility closures and restrictions, $1.1M of those costs were offset by reductions in recreation expenses due to closures and restrictions. Most of the operating surplus is a result of unexpected savings in general operating expenses, payroll, and supplies and energy. Learn more about the budget surplus here https://canmore.ca/town-hall/financial-information/budget-surpluses
Each year the Town of Canmore collects taxes from residential and commercial property owners as part of the approved municipal budget. Today Council approved the 2021 mill rate to prepare for the property tax notices being sent later this month. Canmore's municipal taxes are in line with the average taxes per dwelling of many of our neighbours and those comparisons can be viewed at https://canmore.ca/residents/property-tax/tax-rates The Town also collects revenue for Vital Homes (formerly known as perpetually affordable housing), and is required to collect provincial education tax, as well as the seniors housing requisition. To learn more about your property taxes please visit: https://canmore.ca/residents/property-tax
Anti-Racism Update to Respectful Workplace Policy
In response to the heightened awareness of racial injustice experienced by Black, Indigenous, and People of Colour in our community and around the world, Council approved an update to the Respectful Workplace Policy to incorporate anti-racism principles and expand the policy to address anti-discrimination in governance systems.
Traffic and Road Use Bylaw Amendment
To help keep the community and visitors safe, Main Street will be open later this week for pedestrians and cyclists only. Amendments were made to the Traffic and Road Use Bylaw to allow people to ride bicycles through the zone and to ensure access for emergency vehicles. Just a reminder that pedestrians always have the have the right of way on pathways and in this downtown zone. This summer, four Bylaw Services staff will be patrolling the downtown zone and Quarry Lake to help improve the experience for all users. For more information, visit https://canmore.ca/projects/pedestrian-and-cyclist-only-main-street
- Council approved the CUPE Collective Agreement for the seven full-time and two seasonal employees in the Streets and Roads department.
- Council appointed Councillor Comfort to the Public Art Committee until the October 2021 annual organizational meeting.
- Finance Committee accepted the 2020 Capital Project Summaries.